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www.newsindiatimes.com – that’s all you need to know News India Times (April 11, 2026 - April 17, 2026) April 17, 2026 12 India India To Grow At 6.6% In FY27, Says World Bank; Risks From West Asia Crisis Persist India Withdraws Bid To Host Annual UN Climate Talks In 2028 I ndia’s expected economic growth of 6.6% for fiscal 2027 could face significant risks as the Iran war fans inflation worries, but ample foreign exchange buffers and a well-capitalised banking system could help mitigate some of it, the World Bank said. Doubts lingered over a fragile two-week Middle East ceasefire, raising concerns that energy flows through the crucial Strait of Hormuz will remain restricted. India, which imports about 90% of its oil, is among economies most exposed to pro- longed war-related energy supply disruptions. Retail inflation in the South Asian nation is pro- jected at 4.9% for the current fiscal year, reflecting higher food and energy prices and exchange de- preciation pressure, World Bank’s India Economist Aurelien Kruse said at a news conference in New Delhi on Thursday, after the release of its biannual report on the nation. The vulnerability has already rattled investors. The rupee has slid to a record low as foreign funds pulled nearly $19 billion frommarkets between March and early April. India’s central bank expects growth to fall to 6.9% in fiscal 2027 from an expected 7.6% in the fiscal year ended March 31, 2026. Average inflation for the year is projected at 4.6%. Input costs will rise for the industrial sector due to high costs of energy and petroleum-based raw materials and services, Kruse added. India’s forex reserves—sufficient for at least 11 months as per the Reserve Bank of India—could help, theWorld Bank said. Forex reserves rose to $697.1 billion as of April 3, per the latest data, from $688.06 billion in the previous week. “Even with the slowdown, India remains among the fastest-growing major economies in the world,” theWorld Bank said. RISING DEFICITS India’s current account deficit in the fiscal 2027 is expected to increase to 1.8% of gross domestic product due to higher energy import bill, accord- ing to theWorld Bank. The general government fiscal deficit is pro- jected to increase marginally to 7.6% of GDP ver- sus 7.3% in the absence of the conflict, according to the bank, as higher energy prices will feed into higher spending on fertilizer and fuel subsidies while excise duty cuts will contain revenue growth. Over the medium term, however, the overall fis- cal deficit is projected to decline gradually, the bank added. -Reuters I ndia has withdrawn its offer to host the United Nations annual climate Conference Of the Parties (COP33) in 2028, two government officials famil- iar with the matter told Reuters. India communicated its decision to not host the conference this month, the offi- cials said, but it was not immediately clear why the government had pulled out. The officials declined to be named as they are not authorised to speak to the media. Prime Minister Narendra Modi had proposed hosting the summit in 2023. The federal ministry for environment and cli- mate change did not immediately respond to a request for comment. Climate Home News, which first re- ported the news, said India withdrew after a “review of its commitments” in 2028, citing a letter written by an Indian official to the chair of the Asia-Pacific Group. The United Nations Framework Con- vention on Climate Change secretariat did not immediately respond to a request seeking comment. -Reuters By Nikunj Ohri Millions Vote As India Begins Series Of State Elections M illions of Indians queued to vote in local elections in two states on Thursday, kicking off four key contests this month amid a war in the Middle East that has triggered some fuel shortages, even though Prime Minister Narendra Modi has kept domestic prices in check. State elections do not directly affect the stabil- ity of India’s federal government but are closely watched as a test of voter sentiment toward the ruling coalition. Opinion polls predict an easy win for an alliance led by Modi’s Bharatiya Janata Party (BJP) in one state and tight contests in two others. The fourth is likely to stay with the opposition. Voting was under way in Assam and Kerala, along with the federally administered territory of Puducherry, whileWest Bengal and Tamil Nadu will vote later this month. Results from all the elec- tions are due on May 4. A BJP-led alliance has ruled Assam for two suc- cessive terms and is expected to win again, accord- ing to public opinion platformVote Vibe, while the opposition is set to retain Kerala. InWest Bengal, where the removal of large numbers of names from voter rolls during a revision exercise has become a major issue, the ruling regional party is ahead in a tight race, a Vote Vibe survey for broadcaster CNN-News18 showed. The Hindu nationalist BJP has never ruled West Bengal but says it wants to win to curb what it calls illegal immigration from neighbouring Muslim-majority Bangladesh. In Tamil Nadu, a coalition that includes the BJP is expected to mount a close challenge against a ruling regional party, Vote Vibe said. Vote Vibe founder Amitabh Tiwari said it was unclear what role global energy disruptions would play in the elections, but surveys by his agency showed voters broadly praised the Modi govern- ment’s handling of energy security since the Iran war began in late February. India has not raised retail prices of regular pet- rol and diesel despite higher global prices and has diverted cooking gas for household use from some industries. India typically relies on the Middle East for more than 40% of its crude oil imports and over 90% of its cooking gas imports. -Reuters A general view of the skyline in Mumbai, India, May 5, 2025. Fishermen travel in a boat in the tributary waters of the Periyar River at Munambam on the outskirts of Kochi in the southern state of Kerala, India, January 21, 2019. PHOTO:REUTERS/FRANCIS MASCARENHAS PHOTO:REUTERS/SIVARAMV